It's about time: The real estate market may be cooling in Jacksonville
The red-hot housing market is starting to cool off in the Jacksonville area, judging from data released this week.
The median price of a single-family home actually fell in January, and more homes were listed for sale, the Northeast Florida Association of Realtors reported.
Not that buyers will have an easy time of it yet. Many remain frustrated, as they have for months, with rising prices, a lack of homes for sale and bidding wars with other buyers.
Still, the Realtors group said Northeast Florida "has begun to show signs of moderation" as the new year begins.
The median sales price of a single-family home registered $345,000 in January, a 1.4% drop from December but still 24% higher than a year ago.
Condominium prices climbed to a median price of $220,000, a 4.8% jump from December and 27.9% more than January 2021.
Single-family listings increased 11.1% from December to 2,100 in January, but the number of new listings was still significantly lower than the 3,641 a year ago.
Overall, the number of homes for sale — 2,389 — sits 34.4% lower than January 2021, meaning home shoppers still won't find as many options as they used to.
The Realtors association pointed out that median sales prices have hovered between $345,000 and $350,000 since November, a sign that homes are appreciating at a normal pace.
“The Northeast Florida real estate market continues to show signs of moderating, although, as we expected, still is firmly entrenched as a sellers’ market,” said Mark Rosener, president of the local Realtors association.
As another sign of moderation, he pointed to the number of days a home lasts on the market, which, while brief, has remained stable for two months.
The typical home in Northeast Ohio remains on the market for 22 days before it gets a sales contract, the association said. The time to contract ranged from 18 days in Clay County to 43 days in Putnam. Some 99.5% of homes sold for the asking price or above.
“The frenzied pace of demand seems to be returning to normal season levels" — with closed sales down 9.4% and pending sales down 6.3% from last year, Rosener said.
“Overall, the region is enjoying a brisk real estate market at the beginning of 2022 with sellers in a good position,” he said. “Hopefully the future will become a little easier for buyers when more inventory comes onto the market in February, March, and April.”